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        Income Tax

        Section 78 - Carry forward and set off of losses in case of change in constitution of firm or on succession

        Income-tax Act, 1961
        Part B
        Set off, or carry forward and set off

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        Carry forward of firm losses limited on change of constitution; successor by non-inheritance cannot claim predecessor's losses. Section 78 restricts the carry forward and set off of firm losses on change of constitution by capping the portion attributable to a retired or deceased partner at his share of profits in the previous year, and bars a person who succeeds another otherwise than by inheritance from carrying forward and setting off losses incurred by the predecessor.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                      Provisions expressly mentioned in the judgment/order text.

                          Carry forward of firm losses limited on change of constitution; successor by non-inheritance cannot claim predecessor's losses.

                          Section 78 restricts the carry forward and set off of firm losses on change of constitution by capping the portion attributable to a retired or deceased partner at his share of profits in the previous year, and bars a person who succeeds another otherwise than by inheritance from carrying forward and setting off losses incurred by the predecessor.


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